Author: PROGRESS In Lending

ExpansionIn The News

Rocket Mortgage Becomes First Home Lender To Use VantageScore As Its Preferred Scoring Model On All Eligible Loans

Rocket Mortgage, part of Rocket Companies (NYSE: RKT), announced it will become the first mortgage lender to use VantageScore 4.0 as its preferred credit scoring model for all eligible loans. After roughly four months of testing, the company found that VantageScore helped more clients qualify and move forward in the mortgage process, while also reducing credit scoring costs.

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ApplicationsIn The News

Mortgage Application Payments Decreased Slightly In August

Homebuyer affordability improved modestly in August, with the national median payment applied for by purchase applicants decreasing to $2,162 from $2,175 in July. This is according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).

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